Industry Notes / Midea and European air conditioning / Chapter 6 of 10 · Bar
Overseas base: OBM + Europe as second home
Outbound is already a second curve; Europe is deepening localization
Overseas
1959
Group total
4585
OBM share
45
2025 overseas ~RMB 196 bn (+15.9%) vs group ~RMB 459 bn—low-40s%. OBM >45% of overseas smart-home revenue; self-run coverage 27→50 countries. Europe: TEKA for In Europe, for Europe; ~€760 m EV for Arbonia Climate, paired with Clivet into MBT Climate—after the cooling spike, bid for the heating/heat-pump ticket.
Source：美的集团 2025 年报；Arbonia 交割公告（企业价值约 7.6 亿欧元，2025-02）
Research notes, not investment advice.